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Bitcoin - Final capitulation before a new ATH (62k)
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Bitcoin is almost ready for the final capitulation event at 62k. Is this a lifetime opportunity to buy BTC and catch the bottom? Definitely yes, you can do it pretty precisely at 62402 with your limit order. Why is this level so important?
The most important is the 0.618 Fibonacci level that we can measure in the previous impulse wave. Second, we have an unfilled Fair Value GAP (FVGAP) that was created on May 15, 2024, during a significant pump. But with these types of GAPS, they tend to get filled, so the probability is relatively high. Third, we have the Point of Control (POC) of the previous market structure. You can see this level on the volume profile indicator on the left side of the chart.
Levels around 62k are really significant, and we can expect a strong reaction from them. But what about Elliott Wave analysis? My Elliott Wave count suggests, that the previous uptrend is definitely an impulse wave (12345), which gives us more confidence in the overall bull run. Now, the corrective wave (WXY) is in progress, and we need to find its bottom. At this point, we don't really know if it will be a WXY (double three) or WXYXZ (triple three) pattern. But the 0.618 Fibonacci level is a strong support, and we should finish the corrective wave here!
After we finish this corrective wave WXY, we can mark it as wave 2 of a higher impulse wave (higher degree) and prepare for a 3rd wave, which will lead us to an all-time high.
Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
The most important is the 0.618 Fibonacci level that we can measure in the previous impulse wave. Second, we have an unfilled Fair Value GAP (FVGAP) that was created on May 15, 2024, during a significant pump. But with these types of GAPS, they tend to get filled, so the probability is relatively high. Third, we have the Point of Control (POC) of the previous market structure. You can see this level on the volume profile indicator on the left side of the chart.
Levels around 62k are really significant, and we can expect a strong reaction from them. But what about Elliott Wave analysis? My Elliott Wave count suggests, that the previous uptrend is definitely an impulse wave (12345), which gives us more confidence in the overall bull run. Now, the corrective wave (WXY) is in progress, and we need to find its bottom. At this point, we don't really know if it will be a WXY (double three) or WXYXZ (triple three) pattern. But the 0.618 Fibonacci level is a strong support, and we should finish the corrective wave here!
After we finish this corrective wave WXY, we can mark it as wave 2 of a higher impulse wave (higher degree) and prepare for a 3rd wave, which will lead us to an all-time high.
Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Not
When is altcoin season expected? First, we need to hit 60% Bitcoin dominance on the BTC.D chart. Definitely not in 2024.Not
wave B is almost complete, we are ready for the next wave to the downside. Watch this descending channel.Not
64k hit! Still not enough, expect more downside.Not
Where to buy Ethereum? I do not recommend doing it, but a bottom on ETH is expected to be around 3160.Not
The price follows this descending channel, even if we break out, prepare for a bull trap and another crash. It's pretty mandatory to hit 62400.Not
It looks like Bitcoin is making a triple three pattern (WXYXZ). We should be in the final Z wave.
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